Business Borrowers Alliance

Free Webinar on the SBA ARC Loan Program - SBA Rules vs. Reality (3 Dates Added)

2009-09-18T03:14:00.000-07:00

Free Webinar on the SBA ARC Loan program

Business Borrowers Alliance will present a Webinar on the SBA ARC Loan to discuss the details of program – SBA Rules vs. Reality. The Webinar will detail the basics of the published rules of the ARC Loan program as well discuss the realities of how this program has played out. With over 2200 ARC Loans approved, this program is providing debt relief for small businesses. This program will help small business owners understand if this program can work for them.

Monday, September 21, 2009 @ 5 PM ET / 2 PM PT

click to register https://www2.gotomeeting.com/register/535764850

Tuesday, September 22, 2009 @ 12 PM ET / 9 AM PT,

click to register https://www2.gotomeeting.com/register/110000451

Thursday, September 24, 2009 @ 12 PM ET / 9 AM PT,

click to register https://www2.gotomeeting.com/register/775909722

Or go to http://businessborrowersalliance.org/ARC_Loan_Webinar_Registration.html

Webinar on the SBA ARC Loan program

2009-09-02T14:50:00.001-07:00

Business Borrowers Alliance will present a Webinar on the SBA ARC Loan to discuss the details of program – SBA Rules vs. Reality. The Webinar will detail the basics of the published rules of the ARC Loan program as well discuss the realities of how this program has played out.

To register, go to http://businessborrowersalliance.org/ARC_Loan_Webinar_Registration.html

2 Dates - 9/9 @ 12 PM EST OR 9/10 @ 3 PM EST

ARC Loans: How the States Stack Up - BusinessWeek

2009-08-24T14:45:00.000-07:00

ARC Loans: How the States Stack Up - BusinessWeek

Really cool way to see which States are doing the SBA ARC Loans

LL INVESTIGATION: SBA loan program designed to fail PART II™

2009-08-08T05:36:00.001-07:00

LL INVESTIGATION: SBA loan program designed to fail PART II™

This time I opened my mouth and someone was listening.

Neal Gordon, who is the principal for the Business Borrowers Alliance, is currently assisting 25 customers with their ARC loan paperwork. He said the ARC loan program is “just a clunker without the cash at this point” because lenders are just not participating. Gordon said this is because the volume of paperwork involved in these $35,000 loans is almost as much as for SBA-backed loans for up to $2 million.

Shared via AddThis

SBA loan program designed to fail Part 1

2009-08-07T06:22:00.001-07:00

LL INVESTIGATION: SBA ARC Loan program designed to fail Shared via AddThis

While the “Cash for Clunkers” program ran out of funding in just four days, the same can’t be said for the U.S. Small Business Administration’s America’s Recovery Capital Program – known as the ARC loan program.

That’s because right around 93 percent of the money targeted to help small businesses survive this recession remains untouched since the program was rolled out nearly two months ago.

And for some small-business truckers who were told these ARC loans could be a lifeline to help their struggling businesses, their hopes of getting an ARC loan are diminishing more each day.

UNF Small Business Blog: SBA ARC Loans:Eligibility and Uses of Funds

2009-07-24T17:22:00.000-07:00

UNF Small Business Blog: SBA ARC Loans:Eligibility and Uses of Funds

Big Shoutout to UNF For posting my video. Hope it helps! Wish it made the ARC Loans easier to get.

SBA ARC Loans' Weak First Month

2009-07-18T09:23:00.000-07:00

ARC Loans' Weak First Month

From: BusinessWeek Online -- Small Business | July 16, 2009

The SBA loan program is meant to help viable small businesses survive "immediate financial hardship." So far, it seems inadequate for the scope of the problem Read more at BusinessWeek Online -- Small Business »

New ARC Loan May Help Starving Businesses - Obama Administration

2009-07-04T12:32:00.001-07:00

New ARC Loan May Help Starving Businesses - Obama Administration

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SBA ARC Loan Basics video

2009-07-03T03:37:00.000-07:00

BBA to offer help with the $35000 ARC Loan Program

2009-06-26T21:25:00.000-07:00

Business Borrowers Alliance to provide expert help and advice to borrowers seeking assistance in applying for the $35000 SBA ARC Loan Program

Lenders can begin accepting applications for the new loan program guaranteed by the SBA. The America’s Recovery Capital (ARC) Loan is a 100% guaranteed loan expressly for existing businesses experiencing financial hardships. The loan is interest free to the borrower and repayment begins 12 months after the last disbursement is made so most loans will have repayments starting 18 months from loan closing.

Business Borrowers Alliance is providing expert guidance and aid for borrowers in need of help in preparing and submitting a loan application. Our staff has studied the application and the Procedural Guide, as well as having attended Lender Training from the SBA. With background in lending and underwriting, we are able to provide answers to individual borrower’s questions about eligibility and qualification.

Because of the unique nature of this loan program, it will be critical that applications and support information are completed properly. Banks are prohibited from charging fees to borrowers for processing and they may not be able to spend the time to help borrowers throughout the process.
Our services will include the following:

Initial consultation to determine that borrowers will meet the basic eligibility requirements
(For those who meet the standards) A checklist of required documentation including the generic information needed for every application and specific support information based on the borrower’s individual situation
Direct assistance with the completion of the applications
Direct Assistance with the completion of the financial projections required for every application, as well as the narrative to be included in your loan package
Interaction with the lender to ensure that your application will meet any specific requirements that they will have

For further information, contact Business Borrowers Alliance 1-866-944-3866 or visit our website
http://businessborrowersalliance.org/sba_35000_arc_loan.html

UNF Small Business Blog: ARC Loans: Not Everyone Will Get One..

2009-06-24T18:36:00.000-07:00

UNF Small Business Blog: ARC Loans: Not Everyone Will Get One..

UNF Small Business Blog: The SBA plans to release a partial lender list of ARC loan participants by Monday

2009-06-20T08:23:00.000-07:00

UNF Small Business Blog: The SBA plans to release a partial lender list of ARC loan participants by Monday

SBA’s loan program gets tepid reception from bankers

2009-06-19T17:17:00.000-07:00

By Martin C. Daks - NJBIZ

A new Small Business Administration loan program is off to a rocky start, said James Kocsi, the New Jersey district director for the federal agency.

“So far, New Jersey’s largest SBA lender, TD Bank, declined to participate in the America’s Recovery Capital, or ARC, loan program,” Kocsi said. “And six other banks told us they’ll participate, but would only offer the program to existing borrowers.”

TD Bank did not return a phone call to its Cherry Hill office seeking comment.

ARC, introduced June 15, offers interest-free loans of up to $35,000 to small businesses that need short-term help to make principal and interest payments on existing business debt. ARC loans are fully guaranteed by SBA, and have no SBA fees associated with them, according to Kocsi, who said SBA will pay the interest on ARC loans to lenders at the variable rate of prime plus 2 percent.

He said some banks have cited the relatively low amount of ARC coverage as an impediment to participating in the program.

“They may be concerned about the level of administrative work involved in handling a relatively small, $35,000 loan,” Kocsi said. “But this is a great way for banks to take care of their small-business customers, who will remember the help they got as they grow larger.”

In an information session earlier in the month, Kocsi introduced the details of the program to a room full of business owners who wanted information about ARC.

For more information - http://businessborrowersalliance.org/35000ARCLoanNews.html

SBA Offers Aid to Cash-Strapped - WSJ.com

2009-06-19T10:28:00.000-07:00

By RAYMUND FLANDEZ

The emergency loan program launched in the past week by the Small Business Administration is designed to give established businesses some breathing room to pay principal and interest payments on existing debt.

Borrowers, however, may find it difficult to find a bank that is providing the "America's Recovery Capital" interest-free loans.

Some big lenders including Bank of America Corp., KeyCorp's Key Bank unit and Toronto-Dominion Bank, or TD Bank Financial Group, are still on the fence about participating, citing concerns about heavy paperwork and strict rules on applicant eligibility.

"The general consensus is that the lenders aren't too excited about it," says Bob Coleman, publisher of "The Coleman Report," a La Canada, Calif.-based trade publication for SBA lenders. "It's a tremendous amount of paperwork."

Read the article http://online.wsj.com/article_email/SB124545580927232969-lMyQjAxMDI5NDI1MDQyNTA1Wj.html

UNF Small Business Blog: SBA Small Business Loans :ARC Loan Update

2009-06-19T08:32:00.000-07:00

UNF Small Business Blog: SBA Small Business Loans :ARC Loan Update